Eagle Bulk acquires scrubber-fitted Ultramax pair

US-based shipowner Eagle Bulk Shipping has purchased two 2015-built scrubber-fitted Ultramax bulk carriers from Nautical Bulk Holdings for total of $44 million.

As disclosed, the vessels, which will be renamed the M/V Antwerp Eagle and M/V Valencia Eagle, are of the SDARI-64 design and were constructed at Jiangsu Hantong Ship Heavy Industry Co. 

According to the VesselsValue, Liberia-flagged bulkcarriers have the capacity of 78,500 cbm and feature 63,600 dwt and 63,500 dwt, respectively.

“Given recent market developments, and our positive view on supply-demand fundamentals and asset prices, we continue to seek accretive growth opportunities. In this regard, we are pleased to have been able to secure two modern scrubber-fitted Ultramaxes in conjunction with an equity raise under our ATM program,” Gary Vogel, Eagle’s CEO commented.

The company said it will complete the purchase with cash on hand, including equity issued under the ATM program.

The ship is scheduled for delivery in the third quarter of 2021.

Between November 2020 and February 2021, the company purchased seven new vessels. The value of these vessels rose roughly to 35% due to the favourable market conditions.

The fleet renewal process will continue in the next months since the company is waiting for the delivery of one more Ultramax scrubber-fitted 64,000 dwt bulk carrier built at Chengxi Shipyard in 2017.

Separately, the company has reached an agreement to sell the 2003-built Supramax M/V Tern for $9.7 million.

As informed, the sale is expected to close in July, prior to the vessel’s statutory drydock and requisite ballast water treatment system (BWTS) installation due date.

Following these transactions, Eagle’s fleet will encompass over 50 ships, with an average age of 8.7 years.  

As a way of meeting IMO 2020 Sulfur Cap, the company showed strong support to scrubber technology through its scrubber initiative.

Last year, Eagle Bulk announced it has completed its scrubber installation program on 41 ships, the equivalent of 82 percent of the company’s fleet.

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What is more, it has assigned $29..6 million over the past couple of years for the purchase and installation of scrubbers and ballast water management systems on its bulkers.

The report published in April this year by the International Council on Clean Transportation (ICCT) showed that bulk carriers are the most common ship type outfitted with scrubbers—1,246 ships, or 34% of all outfitted ships.